(1) Except as specifically provided in this chapter, refunding bonds issued under this chapter shall be issued in accordance with the provisions of law applicable to the type of bonds of the issuer to be refunded, at the time of the issuance of either the refunding bonds or the bonds to be refunded.

     (2) For all refunding bonds previously or hereafter issued by the state of Washington under this chapter, the state treasurer shall transfer from the designated funds or accounts the amount necessary for the payment of principal of and interest on the refunding bonds to the applicable bond retirement account for such refunding bonds on each date on which the interest or principal and interest payment is due on such refunding bonds unless an earlier transfer date, as determined by the state finance committee, is necessary or appropriate to the financial framework of the refunding bonds.

[2005 c 487 § 7; 1999 c 230 § 11; 1965 ex.s. c 138 § 13.]

NOTES:

     Severability -- Effective date -- 2005 c 487: See RCW 43.99S.900 and 43.99S.901.

     Application -- Construction -- Severability -- 1999 c 230: See notes following RCW 39.53.010.